When people think about creating a trust, they may automatically think about leaving sums of money to kids and determining how to ensure that those funds are spent appropriately. The truth is that there are many types of trust funds and trust management options from which Michigan families may choose. The type of trust a family decides to create will depend on that family's unique circumstances.
The idea of leaving a specified amount to each child may not sit well with some families, and it may be a bad idea for some overall. There are generation-skipping trusts for those who do not wish to leave directly to children but want to ensure that grandchildren reap certain rewards from acquired wealth. Some beneficiaries, such as children with special needs, may need more funding compared to other family members. A special needs trust may be set up to care for that child or beneficiary for the long-term.